June 19, 2020: The National Price Monitoring Committee (NPMC) meeting was held under the Chairmanship of Finance Secretary to discuss the price trend of essential food items.
The meeting was attended by the representatives from the provincial governments, Islamabad Capital Territory, Ministries of Industries, Interior, Planning, Development & Special Initiatives, National Food Security & Research, Federal Board of Revenue, Competition Commission of Pakistan and Pakistan Bureau of Statistics.
The meeting was informed that CPI inflation year on year is recorded at 8.2 % in May 2020 over May 2019 and July-May CPI inflation on average reached to 10.9%. It was noted that inflation is on continuously declining trend since January 2020, due to policy, administrative and relief measures of the Federal and provincial governments.
It was also observed that price trend in international market is on declining trend which will augur well for the domestic prices in near future. Government is proactively taking measures to control the general price level of daily use items at Federal, provincial and district levels.
It has been noticed that Sensitive Price Indicator (SPI) which monitors the price movement of 51 essential items on weekly basis recorded an increase of 0.05% for the week ended on 11th June 2020. During the week, 10 items recorded decline in their prices while 22 items remain stable. The last week ended on 04th June 2020 recorded a decline of 0.42 percent.
The Chair informed that the recent Cabinet meeting took notice of the price hike in poultry sector. The Chair discussed the matter in detail with all stakeholders and examined the demand and supply dynamics of poultry products and directed provincial governments and ICT administration to take strict actions where undue price hike is being made and urged to take comprehensive measures for smooth supply of poultry products.
The provincial representative and ICT administration ensured that they will take all possible measures to improve the situation and the prices will tame down in coming days.
The Chair also directed the CCP to share their findings in poultry sector with provincial government and ICT to streamline the recent spike in the prices of poultry sector and play proactive role to control the spike in prices.
NPMC also directed the Ministry of National Food Security to make necessary coordination and consultation with provincial governments in a more vigilant way on the prices of wheat & wheat flour and take immediate measures to ensure smooth supply.
The Chair advised that all relevant authorities along with provincial governments should monitor the provision of essential food items at affordable prices and remove the price disparity and keep an eye on undue profit margin as in some cases higher profit margin was also observed. The provincial governments and ICT administration ensured that they will take strict measures to minimize undue profit margin.